Quality
Return on equity
9.1% Computed
From the FY2025 filing
ValueScreener company report
Ares Capital Corporation (ARCC)
NASDAQ / Financial Services / Asset Management
Share price
18.92 USD Market dataClose of Oct 15, 2026Market capitalisation
13.58B USD Market dataClose of Oct 15, 2026- Market data
- Oct 15, 2026
- Filed accounts
- FY2025, filed Feb 4, 2026
- Ratios computed
- Oct 15, 2026
- Filed years
- 6, FY2020 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Debt to equity
n/a Computed
From the FY2025 filing
Why n/a
The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Valuation
Price to earnings
10.17x Computed
FY2025 accounts, priced at the latest close
Cash generation
Dividend yield
10.2% Computed
FY2025 accounts, priced at the latest close
Revenue and net income, by fiscal year
- Named tests met
- 4 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it cheap
Price to earnings is 10.17x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.
Today, against the Asset Management industry (57 companies), 10.17x sits at the 30th percentile; the middle half of that group runs from 8.66x to 42.00x.
- Is it good
Return on equity was 9.1% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.
Today, against the Asset Management industry (71 companies), 9.1% sits at the 56th percentile; the middle half of that group runs from 1.3% to 14.3%.
- Year by year against peers
- Whether Ares Capital Corporation's return on equity stayed above the median of the Asset Management industry, year by year. (FY2023 to FY2025, 3 fiscal years of Ares Capital Corporation with a comparable figure)
- The direction
- Which way Ares Capital Corporation's share count change has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Ares Capital Corporation)
- What could explain it
- What in Ares Capital Corporation's filed statements could explain the movements. (1 reading drawn from the statement lines Ares Capital Corporation filed)
- What to check next
- What to check next on Ares Capital Corporation, and where in its filings. (1 question for Ares Capital Corporation)
- In one paragraph
- One paragraph on Ares Capital Corporation's returns, cash, balance sheet and price. (3 of sixteen figures read for Ares Capital Corporation)
These are ARCC’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research ARCCPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 4, 2026, accession 0001287750-26-000006.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Return on equity | 9.1% ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Return on capital employed, pre-taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Return on assets | 4.2% ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Gross marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Operating marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Net marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
Debt to equityWhy n/aThe debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Current ratioWhy n/aOur archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Quick ratioWhy n/aOur archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Interest coverageWhy n/aNo operating income line is filed for this year. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Altman Z-scoreWhy n/mAltman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Net debtWhy n/aThe FY2025 balance sheet carries no net debt we could read. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
The balance sheet, line by line
Financial health
What Ares Capital Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 4, 2026, 0001287750-26-000006).
| Total assets | 31.23B FiledFY2025 10-K, filed Feb 4, 2026 |
|---|---|
| Total liabilities | 16.92B FiledFY2025 10-K, filed Feb 4, 2026 |
| Shareholders' equity | 14.32B FiledFY2025 10-K, filed Feb 4, 2026 |
| Cash | 638.0M FiledFY2025 10-K, filed Feb 4, 2026 |
| Total debt | n/a FiledFY2025 10-K, filed Feb 4, 2026 |
| Net debt | n/a |
| Current ratio | n/a |
| Debt to equity | n/a |
- Debt to equity: FY2025: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Current ratio: FY2025: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
- Interest cover: FY2025: No operating income line is filed for this year.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
| Price to earnings | 10.17x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| P/E on trailing twelve months | 13.75x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 0.92x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Price to salesWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Enterprise value to EBITWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Enterprise value to EBITDAWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Price to earnings over growth | 0.99 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Diluted earnings per share | 1.86 USD FiledFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Graham number | 29.28 USD ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
We publish no fair value or price target of our own. Value ARCC on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for Ares Capital Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 18.92 USD |
|---|---|
| Market capitalisation | 13.58B USD |
| Enterprise value to EBITDA | n/m |
| Graham number | 29.28 USD |
| Diluted earnings per share, FY2025 | 1.86 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Apr 25, 2023: low 6.92x, median 10.01x, high 14.96x, latest 13.75x. 871 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like Ares Capital Corporation
- Blue Owl Capital Inc. (OWL)Market cap 14.02B USD
- The Carlyle Group Inc. (CG)Market cap 13.12B USD
- Invesco Ltd. (IVZ)Market cap 12.72B USD
- Corebridge Financial, Inc. (CRBG)Market cap 15.35B USD
- SEI Investments Company (SEIC)Market cap 12.63B USD
Same industry (Asset Management) and size band (Large, 10B to 200B), nearest in market value. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Free cash flow yieldWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Free cash flowWhy n/aThe FY2025 filing carries no free cash flow we could read. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Free cash flow marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Dividend yield | 10.2% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Payout ratio | 97.3% ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| 10.17x | FY2025 | Oct 15, 2026 | |
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| 0.92x | FY2025 | Oct 15, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tabForm10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from. | |||
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 4, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tabForm10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| 10.2% | FY2025 | Oct 15, 2026 | |
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 4, 2026 | |
| n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one. | |||
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 4, 2026 | |
| n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from. | |||
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| 0.99 | FY2025 | Oct 15, 2026 | |
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tabForm10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 4, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tabForm10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tabForm10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Feb 4, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itIncome statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tabForm10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tabForm10-KFiledFeb 4, 2026PeriodFY2025Accession0001287750-26-000006What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001287750-26-000006, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 6 filed fiscal years on record, FY2020 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
10 fiscal years, FY2016 to FY2025. 6 read from the annual reports Ares Capital Corporation filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | n/a | n/a | 1.30B | 1.86 | n/a | n/a | 9.1% | 10-K, Feb 4, 20260001287750-26-000006 |
| FY2024 | n/a | n/a | 1.52B | 2.44 | n/a | n/a | 11.4% | 10-K, Feb 5, 20250001287750-25-000007 |
| FY2023 | n/a | n/a | 1.52B | 2.68 | n/a | n/a | 13.6% | 10-K, Feb 7, 20240001287750-24-000011 |
| FY2022 | n/a | n/a | 600.0M | 1.19 | n/a | n/a | 6.3% | 10-K, Feb 7, 20230001287750-23-000010 |
| FY2021 | n/a | n/a | 1.57B | 3.51 | n/a | n/a | 17.7% | 10-K, Feb 7, 20230001287750-23-000010 |
| FY2020 | n/a | n/a | 484.0M | 1.14 | n/a | n/a | n/a | 10-K, Feb 7, 20230001287750-23-000010 |
| FY2019 | 1.11B | 809.0M | 793.0M | 1.86 | 681.0M | 72.6% | 10.6% | Market data, supplied Oct 15, 2026accession n/a |
| FY2018 | 1.12B | 877.0M | 858.0M | 2.01 | 666.0M | 78.4% | 11.8% | Market data, supplied Oct 15, 2026accession n/a |
| FY2017 | 974.0M | 686.0M | 667.0M | 1.57 | -1.87B | 70.4% | 9.4% | Market data, supplied Oct 15, 2026accession n/a |
| FY2016 | 737.0M | 495.0M | 474.0M | 1.51 | n/a | 67.2% | 9.2% | Market data, supplied Oct 15, 2026accession n/a |
- Revenue, compound annual growth FY2016 to FY2019: 14.8%
- Earnings, compound annual growth FY2016 to FY2025: 11.9%
- Earnings per share, compound annual growth FY2016 to FY2025: 2.3%
- Free cash flow: Free cash flow was not positive in both 2017 and 2019, so a compound rate across the window is not defined. Both figures are in the table.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/mThe Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here. | n/m ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
Piotroski F-scoreWhy n/m2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name. | n/m ComputedFY2025 10-K, filed Feb 4, 2026, 0001287750-26-000006 |
| Named tests met | 4 of 30 Computed |
| Beta | 0.75 ComputedClose of Oct 15, 2026 |
The named tests
Of 30 tests value investors published: 4 met, 9 not met, 17 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- P/E times P/B (Benjamin Graham); Owner earnings yield; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff)
- Does not
- Low PEG, low debt (Peter Lynch); High returns and growth; High yield, low payout; Dividends and buybacks; Low beta, profitable; High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Cheapest quarter on P/B (David Dreman)
- Not measured
- Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(18)
- Current Ratio: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
- Debt to Equity: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
- Piotroski F-Score: 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
- EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
- Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
- Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Interest Coverage: No operating income line is filed for this year.
- Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
- ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
- Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
- P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 18 figures could not be read on this company, among them Current Ratio, Debt to Equity, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 17 named tests come back incomplete because of them, which is neither met nor missed.
- We hold 6 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.